The North America rainscreen cladding market size is expected to reach USD 54.1 billion by 2025 exhibiting a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for energy-efficient buildings and rising consumer awareness regarding product benefits are likely to fuel the market growth over the forecast period.
Rainscreen cladding systems are widely utilized in construction industry for various end-use applications such as rainwater & adverse weather protection, improved external appearance, and acoustic performance. Their increasing application scope in areas such as institutions, hospitals, stadiums, malls, and offices is also anticipated to fuel the market growth over the forecast period. Office application segment in Canada accounted for the highest revenue share of 30.3% in 2018 owing to high product penetration in this segment
The North America rainscreen cladding industry is highly competitive in terms of product differentiation, quality of claddings, and pricing. The market players are focusing on improving product quality in terms of durability, aesthetic appeal, and energy efficiency to strengthen their position in the industry. Some players are also considering adoption of strategies like mergers and acquisitions to get integrated into the value chain and establish themselves in the global market.
High consumer awareness, positive government outlook, and early product penetration have resulted in a high demand for rainscreen cladding in the North American region. The region is also witnessing rapid industrial development and increasing investments from the government as well as private companies in commercial construction. In addition, increased incidence of natural calamities including hurricanes and wildfire hitting different parts of the U.S. is anticipated to have a positive effect on construction sector in the country, thereby driving the demand for rainscreen cladding over the forecast period.
Further key findings from the report suggest:
• Residential construction segment is expected to progress at a CAGR of 7.0%, in terms of revenue, over the projected period owing to increasing demand for energy-efficient homes in Canada and the U.S.
• In North America, terracotta rainscreen cladding segment was valued at USD 12.2 billion in 2018 owing to its durability, resistance to UV radiation, recyclability, fast & easy installation, and weatherproof & fireproof properties
• The U.S. consumed metal rainscreen cladding materials worth USD 3.9 billion in 2018 owing to their superior flatness, high tensile strength, corrosion resistance, durability, rigidity & stability under changing thermal conditions, and low maintenance properties
• Major players in the North America rainscreen cladding market are focusing on R&D activities to reduce their operational costs; maximize the efficiency of production, storage, & transportation facilities; attain shortened lead times; and enhance the quality of products.